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Speaker 3: Check your calendars, Mark your calendars.
Speaker 4: We're just about one week away from what President Trump
Speaker 4: calls a Liberation Day tariff announcement, unveiling so called reciprocal
Speaker 4: tariffs he sees as retribution for tariffs and other barriers
Speaker 4: from other countries. This is including some of those longtime
Speaker 4: US allies.
Speaker 5: Yeah.
Speaker 6: Well, the announcement would remain a very significant expansion of
Speaker 6: US tariffs. It is shaping up as more focused than
Speaker 6: the sprawling, fully global effort that Trump has otherwise mused about.
Speaker 6: This is according to people familiar with the matter.
Speaker 4: Meantime, just about ninety minutes or so ago, at a
Speaker 4: White House Cabinet meetia being President, Trump also says he
Speaker 4: will be announcing tariffs on cars very shortly and on
Speaker 4: pharmaceuticals at some point in the not too distant future.
Speaker 4: Those time parameters were his words directly let's get more
Speaker 4: on the president's plans. We head to our Bloomberg News
Speaker 4: Washington DC bureau and to Bloomberg News senior White House
Speaker 4: correspondent Josh Wingrove. Josh, thank you for being with us.
Speaker 4: We know it's super busy just trying to keep track
Speaker 4: of all of the tariff news. President Trump talks about
Speaker 4: liberation day, What exactly does he mean liberation from what
Speaker 4: he thinks.
Speaker 7: The US is being ripped off and that the tariffs
Speaker 7: put in US exports by other countries exceed those, you know,
Speaker 7: the ones that are in place for the US for
Speaker 7: those countries to sell here. And in a lot of
Speaker 7: cases he's right, there is an imbalance of export or
Speaker 7: of tariff levels. But you know a lot of independent
Speaker 7: economists would say they're just simply a function of being
Speaker 7: the world's biggest economy, a consumer driven economy. So that's
Speaker 7: why you don't have a lot of those mainstream sort
Speaker 7: of economists on board with this. But the whole question
Speaker 7: has been you know, what is he going to do?
Speaker 7: And so if you're having trouble tracking the follow the
Speaker 7: ball on this one, I hear you join the club.
Speaker 7: Those stories of a couple of days ago that you
Speaker 7: alluded to. You know, that story is that we think
Speaker 7: that the plan coming on April second, as of now,
Speaker 7: is taking shape as a narrower plan than he's mused
Speaker 7: about in the past, chiefly because he's long since sort
Speaker 7: of moved off the plan for a global tariff, and
Speaker 7: now we'll do these reciprocal tariffs, but not necessarily in
Speaker 7: every country, and that the plan as of now does
Speaker 7: not firmly include, as we report a couple of days ago,
Speaker 7: those sectoral tariffs. Now, as you note, we're told today
Speaker 7: a couple of things. White is official telling us today
Speaker 7: that sectoral tariffs remain on the table, and Trump, of
Speaker 7: course himself alluding to a couple of them, autos and pharmaceuticals,
Speaker 7: not really saying the timeframe, and he's kind of been
Speaker 7: conflating autos and reciprocals as well. So these are a
Speaker 7: lot of tea leaves to read. Tariffs are coming. The
Speaker 7: exact sequencing, the scale of them, and on what day
Speaker 7: and whether they're broken into batches remains unclear, but the
Speaker 7: White House is obviously grappling with how wide to go.
Speaker 7: There are internal discussions around that. Ceah Steve Myron telling
Speaker 7: Slay Emosen on Bloomberg Television in the last hour that
Speaker 7: those discussions are ongoing. So it's all TVD.
Speaker 6: Well, what is We know it's all TBD, and we
Speaker 6: know that, you know, Liberation Day, as the President calls it,
Speaker 6: is just about a little over a week out at
Speaker 6: this point. But what, Josh do we know about his
Speaker 6: thinking and why maybe he's making this more targeted push
Speaker 6: than he previously announced.
Speaker 7: The implication is, and we don't know for sure, but
Speaker 7: you know, markets have been reacting poorly to not only
Speaker 7: the tariff threat and the specter of even more tariffs,
Speaker 7: but the uncertainty around it, the whipsaw effect. Right He imposed,
Speaker 7: for instance, those tariffs on Canada and Mexico, then clawed
Speaker 7: them heavily back temporarily, I'd ad you know, a couple
Speaker 7: of days later. What happens to those remains very much
Speaker 7: in the air. That's the third leg of the stool,
Speaker 7: those fent null related tariffs. Remember, of course, he already
Speaker 7: has tariffs in place on China that twenty percent rate.
Speaker 7: Whether that's adjusted or added to by the reciprocal rate
Speaker 7: that presumably will include China to some extent, we don't know.
Speaker 7: But right now Trump himself is an avowed believer of tariffs.
Speaker 7: Markets have been sort of betting that he would use
Speaker 7: it more as a negotiating tool than a firm policy outcome.
Speaker 7: I think it's pretty clear that Donald Trump wants tariffs
Speaker 7: a big part of the equation, in part because they
Speaker 7: want to book the revenue from it, as they have
Speaker 7: these talks on Capitol Hill towards a reconciliation package to
Speaker 7: extend those Trump tax cuts and enact other tax cuts
Speaker 7: that he wants. So Trump wants to shift the revenue
Speaker 7: base partially to tariffs. He thinks that sounds better. He
Speaker 7: thinks he can sell it better. He thinks it prevents
Speaker 7: or prevents sort of industries from moving away and can
Speaker 7: help rekindle things like the auto sector and steel industry.
Speaker 7: The industry groups themselves are just much much more mixed,
Speaker 7: very nervous about this. Remember, of course, many American manufacturers,
Speaker 7: for instance, rely on important materials as part of their
Speaker 7: own supply chains. They'll be hit by this as well
Speaker 7: if these start going pretty widespread. And of course, the
Speaker 7: one thing we don't know is we just don't know
Speaker 7: what the number is going to be, right Like, if
Speaker 7: he comes out and says five percent or ten percent,
Speaker 7: you know, versus a twenty five on a bunch of countries, right,
Speaker 7: that's going to be such a big difference. We just
Speaker 7: have no indication right now what that sort of reciprocal
Speaker 7: number will be. But he's talked about sort of bigger
Speaker 7: numbers when he has he's about it. For instance, he's
Speaker 7: talked about a twenty percent viat tax in Europe that
Speaker 7: he's going to count as a tariff. Well, if he
Speaker 7: counts that dollar for dollar and we start looking at
Speaker 7: that twenty five percent or something like that in Europe,
Speaker 7: that's that's a big number. But we just simply don't know.
Speaker 3: I mean, well we ever know the math, Josh?
Speaker 4: And the only reason I ask is, as you note
Speaker 4: in your article, you know, what the president does around
Speaker 4: tariffs in particular, policy in general can be so fluid,
Speaker 4: So like, will we ever really know the math about
Speaker 4: tariffs versus tax revenue? I mean, obviously tax revenue would
Speaker 4: be something passed through Congress and they'll be rules and stuff.
Speaker 4: But when it comes to tariffs, I mean, he can
Speaker 4: impose more pull back like it's hard.
Speaker 7: Right totally, And they're making these numbers up essentially, right,
Speaker 7: like they're counting things that are terrorists as well as
Speaker 7: non tariff barriers. So there's an eye of the beholder
Speaker 7: factor to this. Whatever Trump decides to count in his math,
Speaker 7: they're going to count. So I think that's important to
Speaker 7: sort of keep in mind. He's also made clear that
Speaker 7: he can roll these things back, so you know, we
Speaker 7: saw that twice now with the Mexicans and Canadians, once
Speaker 7: a one month deferral and then another one a sort
Speaker 7: of clawback for a month. And so there's also the
Speaker 7: potential that some of these things could be enacted or
Speaker 7: announced on the second maybe enacted immediately and then rolled
Speaker 7: back potentially if other countries respond with lowering tariffs of
Speaker 7: their own, or we could have an announcement where they're
Speaker 7: announced but not immediately implemented, and then people can negotiate
Speaker 7: presumably in that interim period. You know, it's just we
Speaker 7: don't know. But that long leg time factor we have
Speaker 7: been there before was stealing aluminum and then resolved as
Speaker 7: they went in as scheduled. No one got an exemption,
Speaker 7: So people should not hold their breath necessarily. That a
Speaker 7: long implementation means that there's a window for some grand bargain.
Speaker 6: Are there certain geographic regions that are more likely to
Speaker 6: be rolled back or could be more temporary. I mean
Speaker 6: Mexico in Canada the off ramp Josh for this is
Speaker 6: related to fentanyl. The other tariffs that the President has
Speaker 6: announced don't necessarily have those off ramps.
Speaker 7: Yeah. I think he wants countries to announce the lowering
Speaker 7: of their own tariffs, and we'll see whether they do that.
Speaker 7: Mexico has taken a much more sort of muted approach
Speaker 7: in their negotiations with that. There's been sort of positive
Speaker 7: signs that the administration likes that they've got a new
Speaker 7: prime minister in Canada. Of course, yesterday called a general
Speaker 7: election that could lead to yet another new prime minister
Speaker 7: in Canada in a month's time. So I think that
Speaker 7: you know TVD on that one. Whether the Europeans announced
Speaker 7: some sort of terror production deal in the EU, I
Speaker 7: think really remains the case. He keeps talking about the EU,
Speaker 7: but the countries that are really sort of on him
Speaker 7: are countries that trade a lot with the US, that
Speaker 7: have goods deficits in trade, or that the US as
Speaker 7: a trade deficit of goods. That's an important one because
Speaker 7: he doesn't tend to count services trade. It's only goods
Speaker 7: trade typically that he count. And so by definition, if
Speaker 7: you're hitting the people that you have big trade relationships with,
Speaker 7: you're hitting the countries that you tend to be on
Speaker 7: better terms with. Usually. Of course, there's big exceptions to that,
Speaker 7: chiefly China. But that's what's sort of rattling things right
Speaker 7: now is the ones that seem to be in the
Speaker 7: line of fire right include many allies like Canada, like
Speaker 7: the EU, like the Japanese, like the South Koreans.
Speaker 4: Josh one last question and just about thirty seconds here,
Speaker 4: but the White Houses argue that tariffs will make the
Speaker 4: US more competitive a tract for an investment. We've seen
Speaker 4: some announcements from global companies around that pledges of money
Speaker 4: to be spent in the US. Pledges mean exactly what
Speaker 4: it's promises, but not necessarily reality. I mean, does tariffs
Speaker 4: lead to more investment into a country just quickly?
Speaker 7: So far, there have been announcements of investment that you
Speaker 7: could link to the threat of tariffs. Whether those investments
Speaker 7: materialize remains to be seen, and of course the other
Speaker 7: side of that coin also remains to be seen. In
Speaker 7: other words, companies might announce their coming, but other ones
Speaker 7: might not be able to survive the tariffs and they
Speaker 7: have to shop.
Speaker 3: All right, good stuff.
Speaker 4: Obviously one of our big stories, if not our big story.
Speaker 4: Certainly the markets are watching today. Josh, thank you so much,
Speaker 4: Josh wein Grove. He has senior White House correspondent Bloomberg
Speaker 4: News there in our DC bureau.
Speaker 2: You're listening to the Bloomberg Business Week podcast. Catch us
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Speaker 4: At the beginning of the year, our Boomberg Opinions team
Speaker 4: featured a column and Tim noted crypto could go rogue.
Speaker 4: At twenty twenty five, again it was a bunch of
Speaker 4: opinion writers like weighing in. They noted that when Donald
Speaker 4: Trump returned to the White House, which of course we
Speaker 4: know he did, digital currencies may either go mainstream or
Speaker 4: till they could be brought down by a cast of villain.
Speaker 6: We haven't seen him brought down yet. Our next guest
Speaker 6: company provides tools for ferreting out crypto related crimes. Joining
Speaker 6: us as Marianna Maria Haustova, chief operating officer at the
Speaker 6: Blockchain Analytics from Crystal Intelligence. She joins us from Dubai. Marina,
Speaker 6: good to have you on the program this afternoon. What
Speaker 6: are you seeing at Crystal Intelligence when it comes to analytics,
Speaker 6: who's using the platform and who in your view, is
Speaker 6: using crypto for illicit purposes?
Speaker 8: Oh, thank you so much, heirs for having me today.
Speaker 8: I'm happy to be here.
Speaker 5: Yeah.
Speaker 8: Well, our customers are coming from two sides, from financial
Speaker 8: institutions and institutions care about what kind of assets do
Speaker 8: they accept as payments, so for compliance teams, and another
Speaker 8: cohort of our customers are governmental bodies and law enforcement
Speaker 8: agencies around the world, who, of course fight crime. And
Speaker 8: when we talk about who uses that, of course, right now,
Speaker 8: crypt steel stays as one of the avenues, you know.
Speaker 8: So one of the methods for money lounder is to
Speaker 8: try to hide money, and especially for those type of
Speaker 8: criminals who are trying to attack or hack particular financial institutions,
Speaker 8: steal their crypto funds and then try to go away
Speaker 8: with them. So yeah, this is the usual case that
Speaker 8: we're doing with.
Speaker 6: Well, whatever I bring up to crypto folks that you know,
Speaker 6: the one criticism of cryptocurrency is that it can be
Speaker 6: used for illicted purposes. They always push back against me
Speaker 6: and say, hey, criminals have been using cash since cash
Speaker 6: was around for money laundering for illicit purposes. This is
Speaker 6: no different. It's actually more easy to track crypto because
Speaker 6: of the blockchain. Depending on what we're talking about. We
Speaker 6: should note not all crypto is the same. But in
Speaker 6: your view, how do you take that criticism?
Speaker 8: Well, to me, cryptocurrency is transparent and vie DeVault and
Speaker 8: cash is not so much. So that's why I'm here
Speaker 8: in this industry. And yeah, that's what we've seen for many,
Speaker 8: many years. Basically, the blockchain technology enables us to track
Speaker 8: through all the movements to understand, you know, what actors
Speaker 8: are involved in the particular transactions. So to me, the
Speaker 8: transparency that we're bringing is just something incomparable to what
Speaker 8: is possible to achieve through traditional financial methods. And yeah,
Speaker 8: a lot of possibilities. We are, of course have to
Speaker 8: compete to the with the bad actress because they're also
Speaker 8: like very inventive. We work twenty for seven on like
Speaker 8: combating crime, and they work twenty for seven trying to
Speaker 8: you know, outrace us.
Speaker 4: You know, Marina, we have definitely talked about and covered
Speaker 4: a lot here at Bloomberg. You know, crypto crimes or
Speaker 4: crypto related crimes. What are the most common types of
Speaker 4: crypto related crimes and who happens to do them the most?
Speaker 6: I mean, what if Carol were to do a crime,
Speaker 6: what crime would you recommend for Carol to do?
Speaker 1: I'm just.
Speaker 3: I think hypothetical.
Speaker 8: Yeah, we can take the biggest heighst that happened recently,
Speaker 8: the bigger cryptocurrency exchange was hacked and the billions was
Speaker 8: still and the big, big team and we expect that
Speaker 8: these team is very much connected with North Korea, has
Speaker 8: been actually working on these cases to make it happen
Speaker 8: for many many months until they found the right moment
Speaker 8: for that. So then what we see is a huge
Speaker 8: team trying to launder these funds. So they are constantly
Speaker 8: trying to find locations through which these money can be digitalized, right,
Speaker 8: can be moved around so that they don't get frozen
Speaker 8: by financial institutions following regulations and having an ability, you know,
Speaker 8: to stop this fund or free this funds. So for
Speaker 8: the last like two or three weeks that we are
Speaker 8: actually tracking this particular case along with the rest of
Speaker 8: the industry. Yeah, it has been a very very yeah,
Speaker 8: a very dramatic case, taking a lot of resources from us,
Speaker 8: And yeah, I don't think it's the last case of
Speaker 8: such kind that we're going to see. So a lot
Speaker 8: of work for us to do and a lot more
Speaker 8: actually yet to come, and we don't know yet, you
Speaker 8: know what kind of new trends are there in development
Speaker 8: because changes so fast and the regulations are not so
Speaker 8: fast to define what actually, you know, where actually everyone
Speaker 8: should look at at this particular moment, We're.
Speaker 6: Gonna have to leave it there. Marina Hastova, chief operating
Speaker 6: officer at the blockchain analytics firm Crystal Intelligence.
Speaker 2: This is the Bloomberg Business Week Podcast. Listen live each
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Speaker 2: flagship New York station, Just Say Alexa played Bloomberg eleven thirty.
Speaker 6: News in the World of Weight Loss Today, Carol Masser
Speaker 6: no one nor This has agreed to pay United Laboratories
Speaker 6: International Holdings as much as two billion dollars for next
Speaker 6: gen OBCD drug. It's the Danish of ozembic maker's latest
Speaker 6: move to refill its pipeline of experimental treatments. Also last week,
Speaker 6: Eli Lilly again selling it's blockbuster weight loss and diabetes
Speaker 6: drug Munjaro in India. It's a country that has the
Speaker 6: world's third largest number of obese people.
Speaker 4: We continue to see this marketplace grow expand, and we
Speaker 4: continue to see each of these major drug players look
Speaker 4: for their next offering. When it comes to GLP one.
Speaker 4: We do talk about these weight loss drugs an awful lot,
Speaker 4: especially from a business perspective. Investors have really sent shares
Speaker 4: of these companies higher than lower. There's some been some volatility,
Speaker 4: certainly over the past couple of years. Doctor Sue Dakotis
Speaker 4: is a New York based physician, a Board certified medical internist,
Speaker 4: and a weight loss specialist. She is an attending physician
Speaker 4: at NYU Medical Center, joining us right here in New
Speaker 4: York City.
Speaker 3: Doctor Dakotas, good to have you here on BusinessWeek.
Speaker 4: This is something we are We've been covering NonStop, to
Speaker 4: be quite honest, over the last two years.
Speaker 3: We have a reporter that's devoted to it.
Speaker 4: To really understand the offerings, the nuances between the different drugs,
Speaker 4: and the expansion as we continue to see new offerings
Speaker 4: come out. Tell us about from your perspective what you've
Speaker 4: seen over the last couple of years in terms of
Speaker 4: the uptick in the usage and whether or not it
Speaker 4: really is a significant change when it comes to treating
Speaker 4: weight loss and actually making people healthier in the longer term.
Speaker 9: Well, in my practice in New York City, I have
Speaker 9: had tremendous results in my patient population with using these
Speaker 9: new GLP one drugs, and I've used just about all
Speaker 9: of the ones that are available, and I'm really excited
Speaker 9: about the new drugs that are coming out. So, as
Speaker 9: you know, there's something called Cagrisima that Nova Nordisk is
Speaker 9: going to come out with, which is a new drug
Speaker 9: called cagrilinotide that they are combining with the ozepic. The
Speaker 9: semi glue tide and reddititruetide is coming out from Lily
Speaker 9: and that actually is a three receptor drug. So what
Speaker 9: we see is that these drugs get more sophisticated and
Speaker 9: affect more receptors, and I think more patients are going
Speaker 9: to have good results. The problems that we have is
Speaker 9: semiglue tied in the beginning before we had access to
Speaker 9: Manjarro trezepetide, is that many very overweight patients hit the wall,
Speaker 9: meaning they couldn't lose weight after a certain period of time,
Speaker 9: and that was very frustrating. And we found that we're trezepetite,
Speaker 9: being that we're hitting a second receptor, patients actually lost
Speaker 9: more fat and weight loss continued. And I look forward
Speaker 9: to that with some of the new drugs that we have,
Speaker 9: so I think we're going to be able to reach
Speaker 9: larger numbers of patients. But what I always hear is
Speaker 9: so many people are saying these are lifetime drugs, meaning
Speaker 9: you have to be on this for a lifetime. I
Speaker 9: really disagree. And my practice in New York City, I've
Speaker 9: been able to get most of my patients off these
Speaker 9: drugs if they're not diabetics. And I think a lot
Speaker 9: of times we're missing the point with these drugs. People
Speaker 9: know that they're appetite suppressants. They also know that they're
Speaker 9: great to stabilize insulin and that they're great to reverse
Speaker 9: insulin resistance, and that's all they're thinking about, and then
Speaker 9: the person loses weight and then they go off the
Speaker 9: drugs sometimes abruptly or they stay on it forever. What
Speaker 9: I do in my practice is I use a body
Speaker 9: composition skit. Okay, so I'm closely monitoring people's body fat
Speaker 9: and that's really the key. I think if we can
Speaker 9: get that body fat down into this sweet spot, I
Speaker 9: think that's where we get the long term health effects
Speaker 9: that everyone is talking about. So that's where we're getting
Speaker 9: the huge anti inflammatory effect. That's where we're having the
Speaker 9: appetite regulatory system really being rebooted on a permanent basis,
Speaker 9: so that person doesn't crave the foods they used to crave,
Speaker 9: and they.
Speaker 8: Have a much.
Speaker 9: They have a lesser appetite long term, it's really really important.
Speaker 6: Are you seeing this doctor in your office? Combined with
Speaker 6: other methods of losing weight, is important that your patients
Speaker 6: also remain active or get active.
Speaker 9: Shot enough well, everyone, we always start out with them.
Speaker 9: We know our patients well, taking a really good history.
Speaker 9: Whatever you're eating, it's been what is your lifestyle like
Speaker 9: and being practicing in New York City. Many patients are
Speaker 9: pretty sophisticated, you know, they already have a pretty good lifestyle.
Speaker 9: They may not come into the office very very obese.
Speaker 9: They may be barely overweight, or their BMI, which you
Speaker 9: know is a heightened weight parameter, maybe normal, but their
Speaker 9: body fat is higher than they'd like it to be.
Speaker 9: And as they get older, you know, maybe their menopausal,
Speaker 9: they're getting into middle age, they find that their body
Speaker 9: has changed. They don't feel as good, They're clothes fit differently,
Speaker 9: they don't get as much out of exercise that they
Speaker 9: used to. So then we really we really help those
Speaker 9: people reach an optimal state of health by getting body
Speaker 9: fat down. But yes, of course diet and exercise is important.
Speaker 9: But when you're insulin resistant, when you have hormonal problems,
Speaker 9: there are other genetic and environmental issues that we're hearing
Speaker 9: about so much now, aren't we all these environmental things
Speaker 9: that were affecting our metabolism so many people you're already
Speaker 9: hearing to a good lifestyle. I just need that ex
Speaker 9: for help.
Speaker 3: I'm getting hungry, That's what I'm gonna say.
Speaker 4: I thought I sastomic and I'm like, I'm gurgling over here,
Speaker 4: and I'm kind of hungry.
Speaker 5: Now.
Speaker 4: What I want to ask you, though, is I've seen
Speaker 4: people who get on it lose a lot of weight,
Speaker 4: but they also lose a lot of muscle mass, and
Speaker 4: I'm kind of amazed by that. I've seen them where
Speaker 4: they their legs are very thin, like all their muscle
Speaker 4: is gone, which can't be a good thing.
Speaker 9: Well, it gets back to that question that i'm you know,
Speaker 9: the issue here is what is their body fat? Is
Speaker 9: anybody monitoring that? So if the patient is not monitored carefully,
Speaker 9: so they're not really given diatritic nutritional support because as
Speaker 9: you know, this can these medications can really turn your
Speaker 9: appetite off, so sometimes you don't feel like eating anything,
Speaker 9: So we have to watch that carefully. Also, hydration is key.
Speaker 9: If people are not really well hydrated, they wind up
Speaker 9: burning muscle, you know, because the body is kind of
Speaker 9: protection and you're burning fat, you're losing a lot of water,
Speaker 9: so the body protects you from so it assumes that
Speaker 9: you're getting dehydrated. This could be very dangerous and then
Speaker 9: it can switch to burning muscle as a last resort,
Speaker 9: which is not a good thing. Not of my patients
Speaker 9: of lost muscle because I'm watching it, Yeah, very careful,
Speaker 9: so by weighing them and they're drinking a lot of water.
Speaker 4: As someone who's been practicing for a while, how do
Speaker 4: you think about this medicine? I think there's some that think, wow,
Speaker 4: is it just too good to be true? We kind
Speaker 4: of joke with our reporter who covers it, like, is
Speaker 4: this the drug that's going to, you know, kind of
Speaker 4: cover everything that ails us or fix everything that ails us?
Speaker 4: Or is it too early to know if there's going
Speaker 4: to be some kind of complications down the road from
Speaker 4: taking it.
Speaker 5: Now.
Speaker 9: That's a very good question. I mean, I've been using
Speaker 9: these drugs for about twelve years now, because you know,
Speaker 9: before ozepic, you know, made its big splash, there were
Speaker 9: other drugs that we used in the same family that
Speaker 9: weren't as effective. These drugs are peptides, and what peptides
Speaker 9: are are basically simple chains acids, So I think that
Speaker 9: there as far as the pharmacologic structure of the drug,
Speaker 9: it's simpler than aspirin. So I think that the body
Speaker 9: knows how the body. These are not complicated drugs in
Speaker 9: their structure, so therefore it's easy for the body to
Speaker 9: break them down. And we use peptides for a lot
Speaker 9: of things in anti aging medicine. I think they have
Speaker 9: a very high safety profile. But what concerns me is
Speaker 9: that so many people are accessing the wrong kind of care,
Speaker 9: you know. They're going on these online platforms, you know,
Speaker 9: and really just like having a meeting like we're having
Speaker 9: right now. They're not getting seen by the physician there,
Speaker 9: may not be in contact with the position at all,
Speaker 9: and if they are, it's probably not a weight loss position.
Speaker 9: They're not getting weighed by any matter or certainly not
Speaker 9: a body composition scale. So those, I think are the
Speaker 9: patients that are not having great results, and so many
Speaker 9: people are resorting to these online platforms and even Lily
Speaker 9: Now and No Honors. I understand they're going to have
Speaker 9: a place where somebody can get the drug directly from them.
Speaker 9: So they'll probably have a consult with a PA or
Speaker 9: a doctor via zoom maybe once every couple of months,
Speaker 9: and that's what they call getting medical care.
Speaker 3: So that's where I think we're going to have problems.
Speaker 6: It doesn't sound like you're a fan of that. Hey,
Speaker 6: we'll have a couple of minutes left, so I want
Speaker 6: to make sure to get in some last questions here.
Speaker 5: Oh sure.
Speaker 6: Back in October, RFK Junior, who is leading the Department
Speaker 6: of Health and Human Services, He says that delivering healthy
Speaker 6: food He said this in October to the American public
Speaker 6: could quote solve the obesity and diabetic diabetes crisis for
Speaker 6: a fraction of the cost of obesity drugs. My understanding
Speaker 6: is he's since said different things about the GLP ones,
Speaker 6: but in general he's not a huge fan and thinks
Speaker 6: the stuff could be solved through diet and exercise.
Speaker 7: How do you view that.
Speaker 9: I think that's incorrect. I mean, I think if you
Speaker 9: look at people that are markedly obese across the country,
Speaker 9: certainly food and lack of exercise has something to.
Speaker 5: Do with it.
Speaker 9: And especially for future generations, If the young children today
Speaker 9: and children who will be born, if they're exposed to
Speaker 9: a really healthy food supply, I think that's going to
Speaker 9: be great. But for the young adults, adults and above
Speaker 9: who are obese, I don't think that just eating healthy
Speaker 9: is going to be the answer. Now, these drugs are expensive.
Speaker 9: So most patients that I see have tried diet exercise.
Speaker 9: You know, they've tried every keto and paleo and a
Speaker 9: vegan diet. And I think sometimes insulin resistance is more
Speaker 9: than just the food you eat. There are other chemicals
Speaker 9: in the environment, genetics, epigenetics, hormones. All of these things
Speaker 9: can affect the way your body body metabolizes nutrients. So
Speaker 9: I don't think it's that simple.
Speaker 5: I don't think that he.
Speaker 9: Would be able to reverse obesity by just giving somebody
Speaker 9: a healthy diet.
Speaker 4: Just got about forty five seconds left here, doctor Dakotas.
Speaker 4: I'm just curious how what percentage of your patients who
Speaker 4: look to lose weight use the GLP one drugs?
Speaker 3: And are GLP one drugs.
Speaker 4: For everyone who are looking to lose weight? And again,
Speaker 4: just got about thirty forty seconds.
Speaker 9: Now, it's not for everyone. I mean, if somebody has
Speaker 9: a history of an eating disorder, or they have a
Speaker 9: lot of thyroid issues, panphreatic issues in the family, very
Speaker 9: sensitive gi track, if they're not that overweight or their
Speaker 9: body fat is not that high, they really should try
Speaker 9: a clean diet first. And it has to be assessed
Speaker 9: is this person really eating cleanly? Do they know what
Speaker 9: they're doing? What kind of exercise are they doing. Sometimes
Speaker 9: if they're doing too much cardio and their insulin resistant,
Speaker 9: that can cause them to actually gain weight. What they
Speaker 9: might need to do is do more resistance training. So
Speaker 9: every patient's an individual, But I think for the most
Speaker 9: part of someone cannot lose it with diet and exercise,
Speaker 9: and I've documented that their body fat is high relative
Speaker 9: to their weight, and I think they they would probably
Speaker 9: benefit from a golp one.
Speaker 3: All right, good to lead it there, Thanks so much
Speaker 3: for joining us.
Speaker 4: Doctor su dakotis New York based physician, a Board certified
Speaker 4: medical internist, a weight loss specialist, attending physician at NYU
Speaker 4: Medical Center.
Speaker 3: Joining us right here in New York City. Interesting stuff.
Speaker 5: I'll about you. Let me drive.
Speaker 3: Oh no, no, no no, this is not a toy, honey,
Speaker 3: please gravels.
Speaker 2: Let's wait.
Speaker 3: I want to try.
Speaker 2: It's a good question.
Speaker 3: This is the drive to the clothes that plunks to
Speaker 3: me to think.
Speaker 2: Well, driver Jon and Don on Bloomberg Radio.
Speaker 3: Right, TikTok.
Speaker 4: Everybody just got about eighteen minutes to go until we
Speaker 4: wrap up the Monday trade. You know, just I would
Speaker 4: build maloney kind of off air, just fundamentally technically, an
Speaker 4: interesting day where futures were up a lot. We came
Speaker 4: up out of the gate with some gains, and then
Speaker 4: we just continued to move higher.
Speaker 6: That's what you talked about when I went to get
Speaker 6: a snack.
Speaker 3: Among other things, but I was like, what are you thinking?
Speaker 4: You know, like where we're going, and that from a
Speaker 4: technical basis, that's a pretty strong side.
Speaker 3: We'll see what Sarah Ponzek has to say, though.
Speaker 2: What what do you think we brought?
Speaker 5: I was hungry.
Speaker 3: I was hungry, Like she's talking about JLP one drugs,
Speaker 3: and all I could think about was like, I want
Speaker 3: to eat food.
Speaker 6: Yeah, I hope that's the whole idea of the JLP one.
Speaker 3: I know, I know, I know.
Speaker 6: All right, let's get into it with Sarah pon Sick.
Speaker 6: She's financial advisor at UBS Private Wealth Management. She joins
Speaker 6: us from Florida. Sarah, how are you.
Speaker 1: I'm great, good to see or I guess hear from you,
Speaker 1: guys sing you're so considerate bringing Carol banana?
Speaker 3: What are you coming up to me bananas?
Speaker 1: We're actually we're actually hoping to come up in the
Speaker 1: next month or so. I will let you guys know
Speaker 1: when I will be up there, and hopefully I can
Speaker 1: make a ship to the office.
Speaker 6: Let us know if you need help finding the place.
Speaker 6: I know it's your old stomping ground, so you don't
Speaker 6: need any direction.
Speaker 5: I could still find it with my eyes closed.
Speaker 6: Okay, good.
Speaker 5: Well in the meantime.
Speaker 6: In the meantime, maybe we'll get some clarity on tariffs
Speaker 6: before then, because April second, it's supposed to be Liberation Day.
Speaker 6: You are thinking a lot about tariffs when it comes
Speaker 6: to the uncertainty that is out there, though today's trade
Speaker 6: seems like it has a lot of certainty in.
Speaker 1: It, Sarah, today's trade has been very forceful and strong
Speaker 1: to the upside. So it's nice to be on with
Speaker 1: the two of you on a day that's actually green
Speaker 1: and happy for stocks.
Speaker 5: But at the end of the day, tariff talk has
Speaker 5: been all over the place.
Speaker 1: The conversation has been very fluid, and although we have
Speaker 1: gotten multiple multiple calls and emails from clients over the
Speaker 1: past few weeks just asking what is going on, we've
Speaker 1: been stressing just this that the story or the narrative
Speaker 1: and the policy at the end of the day can
Speaker 1: really change on a dime. And that's what we're seeing today,
Speaker 1: and we're seeing the reaction in markets, and what I
Speaker 1: think is so interesting and I think important is to
Speaker 1: just put this all in perspective because if you look
Speaker 1: at the correction that we saw in the stock market
Speaker 1: at the end of.
Speaker 5: The day, it was very normal, and frankly we were
Speaker 5: overdue for one.
Speaker 1: We had two straight years in which the market was
Speaker 1: up more than twenty percent, and even in the last
Speaker 1: two years. A lot of people forget corrections in each
Speaker 1: of the last two years. Last year, the market was
Speaker 1: down eight percent at its an intra year low, and
Speaker 1: yet ended the year twenty five percent higher. In twenty
Speaker 1: twenty three, we also experienced the ten percent drawn down,
Speaker 1: yet the sm P five hundred was also at more
Speaker 1: than twenty percent this year. I think it just feels,
Speaker 1: and I think the technical term is it's more in
Speaker 1: your face. You can't you can't avoid it. It's in
Speaker 1: the news.
Speaker 5: We're hearing it every day.
Speaker 1: We see it in tweets, we see it on truth
Speaker 1: social wherever you go to see Trump's tweets. But it's
Speaker 1: just more in your face now, which makes it harder
Speaker 1: to ignore as an investor.
Speaker 4: But you know, Sarah to that point, yes, more in
Speaker 4: your face, and perhaps not exactly like the first term
Speaker 4: of President Trump. Having said that, we're having questions where
Speaker 4: people are wondering, you know, American exceptionalism, you know no more,
Speaker 4: you know, questioning folks whether or not the US is
Speaker 4: uninvestible and saying, yeah, maybe so because of different policies
Speaker 4: and pulling back kind of from the global market trade potentially.
Speaker 4: And I guess time will tell ultimately how much sticks
Speaker 4: and what this means for the US economy. But I
Speaker 4: look at you know, the WI function really well on
Speaker 4: the Bloomberg and the eurostocks fifty is still up almost
Speaker 4: eleven percent this year. I look at the S and
Speaker 4: P five hundred, it's down two percent. So money has
Speaker 4: been going overseas. Are your clients saying, wait a minute,
Speaker 4: you know, I got some concerns about really the US
Speaker 4: market until we see whether or not these policies, you know,
Speaker 4: kind of settle down. So give us some color around that,
Speaker 4: if you would.
Speaker 5: Money has been going overseas. There's no doubt about that.
Speaker 1: As you mentioned, Carol, if you look at how the
Speaker 1: different global indices have performed your date, you look at
Speaker 1: China indicies, you look at emerging markets, you look at
Speaker 1: developed markets internationally, they're all out performing the United States.
Speaker 5: But is it uninvestible?
Speaker 1: I think that is much too harsh a term to
Speaker 1: use to describe the unit United States. And we're still
Speaker 1: very optimistic on US equities. Sure, we've seen a big
Speaker 1: hit to tech, which has really, at the end of
Speaker 1: the day, deriven the self that we've seen. I think
Speaker 1: a lot of people would be surprised if you looked
Speaker 1: at the sector breakdown of the S and P five
Speaker 1: hundred this year, only two sectors are actually down. The
Speaker 1: rest of them are positive. It's just that those sectors
Speaker 1: have the heaviest weights in the in depth right, so
Speaker 1: I do think. Look, it does highlight the importance of
Speaker 1: global diversification. We've always kept exposure to international in our
Speaker 1: client's portfolios.
Speaker 5: We are now discussing possibly increasing that exposure a bit.
Speaker 1: But at the end of the day, if we look
Speaker 1: at where we still want to be invested over a
Speaker 1: longer period of time, it's still a lot of these
Speaker 1: US techniques.
Speaker 6: Why Why is that, though, Sarah, Why do you want
Speaker 6: to stand Why?
Speaker 5: What do you say?
Speaker 7: Why is that?
Speaker 6: Why do you want to stay invested in US tech
Speaker 6: companies right now? We talked to Peter Attwater last week,
Speaker 6: who has some serious concerns about the US market.
Speaker 1: We still when we look at future growth projections, and
Speaker 1: if you look at the amount of money that is
Speaker 1: being spent on artificial intelligence and productions, for what that
Speaker 1: is going to mean for revenues in the future. It's
Speaker 1: still very strong and we've seen I mean some of
Speaker 1: these tech names, we've seen some pretty high double digit
Speaker 1: corrections in.
Speaker 5: Some of these names.
Speaker 1: So we're looking at this more as a potential buying opportunity.
Speaker 1: Even yes, you know, we could see more volatility, things
Speaker 1: could get a bit worse.
Speaker 5: I don't think this is it. I don't think Okay,
Speaker 5: we had a strong day, that's it. We're on the up.
Speaker 5: We're not going to see any volatility anymore.
Speaker 1: But if I look at, you know, the United States
Speaker 1: growth potential versus that of you know, China or Europe
Speaker 1: or emerging markets over the next five years, for US,
Speaker 1: US is still the place.
Speaker 5: We want to be, and it is largely because of
Speaker 5: that sector makeup.
Speaker 3: But have you been advising clients to kind of be
Speaker 3: buying all the way back to mid February when we
Speaker 3: started to see the S and P go down.
Speaker 5: No.
Speaker 1: So what's interesting is it actually seemed to me as
Speaker 1: those sentiment was the worst when the market was only
Speaker 1: down three percent or so.
Speaker 5: Because headlines were just flying.
Speaker 1: We got a lot of calls from clients that you know,
Speaker 1: in those early weeks, and we kept saying, you know,
Speaker 1: we're due for our correction, this is likely going to
Speaker 1: get worse. Don't do anything quite yet. When we started
Speaker 1: to get towards the ten percent correction mark on the
Speaker 1: s and P. Five hundred, that's when we started to
Speaker 1: stay to clients who have a lot of cash on
Speaker 1: the sidelines, have been looking to nibble, say, look, you
Speaker 1: don't need to do this all at once, but you
Speaker 1: can start nibbling here, start.
Speaker 5: Buying in, start buying the dip.
Speaker 1: And what's really interesting is that if you look at
Speaker 1: the data, you look at the numbers, if you look
Speaker 1: at corrections that occur within a bull market, and I
Speaker 1: know that's a caveat because I'm saying that the correction's
Speaker 1: not going to turn into a twenty plus percent correction.
Speaker 1: The reason I'm saying that, though, is bear markets are
Speaker 1: pretty uncommon. They happen on average once every seven years,
Speaker 1: and we just witnessed one three years ago, so that
Speaker 1: would be very soon to witness another full blown bear market.
Speaker 1: But if you look at corrections that don't then delve
Speaker 1: into a twenty plus percent correction, they tend to be
Speaker 1: good buying opportunities.
Speaker 5: So if you're an investor who bought in after stocks
Speaker 5: had fallen ten.
Speaker 1: Percent on average, you know the next three, six and
Speaker 1: twelve month returns are eight, thirteen and nineteen percent.
Speaker 5: It's not too bad, to be fair.
Speaker 6: We're only down about six percent from all time highs
Speaker 6: on the S and P five hundred right now after
Speaker 6: today's rally.
Speaker 3: It's not terrible. I mean, considering the run up that
Speaker 3: we've seen the last couple of years shift and we
Speaker 3: saw a week ago. The tone definitely feels different today. Hey, Sarah,
Speaker 3: thank you so much. Great to talk with you. Sarah Ponzek.
Speaker 4: She's financial advisor EBS Private Wealth Management out there in Florida.
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